Definition of Tax Limitations

Tax Limitations means the limitations on benefits imposed by Sections 415(b) of the Code or the limitations on creditable salary imposed by Section 401(a)(17) of the Code, or both, and, with respect to Plan Years beginning before January 1, 2000, Section 415(e) of the Code.

Examples of Tax Limitations in a sentence

The total amount levied is subject to certain limits prescribed by law; for a description of those limits, see "Tax Limitations," below.

The total amount levied is subject to certain limits prescribed by law; for a description of those limits, see "Tax Limitations" below.

Tax Limitations Chapter 59, Section 21C of the General Laws, also known as Proposition 21/2, imposes two separate limits on the annual tax levy of a city or town.

The surcharge is not counted in the total taxes assessed for the purpose of determining the permitted levy amount under Proposition 21/2 (see "Tax Limitations" under "PROPERTY TAXATION" above).

Tax increments are taken into account in determining the total taxes assessed for the purpose of calculating the maximum permitted tax levy under Proposition 21/2 (see "Tax Limitations" under "PROPERTY TAXATION" above).